User menu

You are here

NEWS

Tariffs escalate war of words

President Donald Trump’s decision to impose tariffs on goods from China and U.S. allies has proven unpopular with most business groups, but the sentiment isn’t universal.

The White House announced June 15 that the U.S. would impose a 25 percent tariff on billions of dollars in Chinese goods, setting off a fresh round of condemnation from associations already disappointed in his decisions to pursue similar penalties against Canada and the European Union.

National Retail Federation CEO Matthew Shay said tariffs would undermine recent economic progress in the U.S.

“Tariffs are taxes on American consumers, plain and simple,” Shay said. “These tariffs won’t reduce or eliminate China’s abusive trade practices, but they will strain the budgets of working families by raising consumer prices.” TechNet CEO Linda Moore said the tariffs are a mistake that is putting the U.S. on a path toward a trade war with China.

“We have countless examples throughout history that prove tariffs do not work, and one recent study shows that tariffs now will slow U.S. economic output by $322 billion over the next decade,” Moore said.